AAOIFI Shariah Standards

Options to Reconsider (Cooling-Off Options, Either-Or Options, and Options to Revoke Due to Non-Payment): Appendix B - The Shariah Basis for the Standard

Cooling-Off Option

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The basis for cooling-off option is the Hadith narrated by Habban Bin Munqidh, attributed to the Prophet (peace be upon him), saying: “If you are concluding a deal say: ‘There shall be no Khalabah (misleading marketing or howcasing of products), then you shall have a 3-day option’”.

« Appendix A - Brief History of the Preparation of the Standard ’Arboun (Earnest Money): Scope & Shariah Ruling »

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